We announced on 12 September 2011 that Prime Minister Orban had suggested that the Hungarian government might propose legislation to limit the APR on consumer loans to no more than 30%. Draft legislation has now been published which would set a maximum APR for unsecured consumer loans at 24% above the Hungarian base rate, which is currently 6%.
The draft legislation will in due course be debated, and potentially modified, by the Hungarian Parliament and is scheduled to become effective for loans issued on or after 1 January 2012.
The impact on our Hungarian business will not be clear until the legislation is finalised and we will make a further announcement at that time.
For further information contact:
Finsbury
James Leviton +44 (0)20 7251 3801
John Mitra (Media) +44 (0)113 285 6784
